LDC announces projects, business groups give it thumbs up
A day after being approved by the Board of Legislators, Westchester”™s local development corporation formally approved four projects totaling $128 million.
An LDC issues tax-free low-interest bonds to nonprofit organizations, and was approved 16-1 by the legislators.
Kendal on Hudson in Sleepy Hollow received $64.3 million to refinance existing debt and make capital improvements, saving the continuing care facility $100,000 over the next 30 years.
Northern Westchester Hospital in Mount Kisco received $43 million to design, build and equip the expansion of a surgical suite.
Phelps Memorial Hospital in Sleepy Hollow received $16 million for the construction and renovation of a 20,000-square-foot surgical suite. The financing will also allow Phelps to build a corridor to connect the surgical suite to the third floor of the hospital building.
Iona College in New Rochelle received $5 million to help pay down debt.
“This is just the beginning,” County Executive Robert Astorino said in a statement.
The LDC was created after the Westchester County Industrial Development Agency lost bonding power in 2008.
Business groups have cheered the approval of the LDC, feeling that it will create jobs and help grow the Westchester economy.
“An LDC in this county will open doors for the nonprofit community to have access to the same low-interest financing opportunities that for-profit organizations enjoy,” Marissa Brett, executive director of the Westchester County Association”™s The Blueprint for Westchester said in a statement. “This is a win-win for Westchester.”
Marsha Gordon, president and CEO of the Business Council of Westchester, said the Business Council will hold a meeting for its nonprofit members in May to educate them about the LDC.
The LDC “will create numerous construction and permanent jobs, and millions of dollars of capital investment and improved facilities throughout the county,” Gordon said in a statement. “It represents another bridge to positive growth in Westchester.”